Income and Expenses Worksheet

Income and Expenses

Read each question carefully and answer to the best of your ability. Show your work where necessary.

Use the words below to complete the sentences.

1. Money you earn is called  .

2. Money you spend on things is called  .

3. When income is more than expenses, you have a  .

4. A plan for how to spend and save money is a  .

1. Sarah earned $25 babysitting and spent $10 on a new book. What was her net income?

2. Which of the following is an example of an expense?

1. If you earn $50 and spend $30, your savings would be  .

2. To find your total income, you   all the money you earned.

3. To find your total expenses, you   all the money you spent.

1. David mows lawns for $15 each. If he mowed 3 lawns this week, how much income did he earn? Show your work.

2. Emily wants to buy a new game that costs $40. She has saved $25. How much more money does she need to save? Show your work.

Calculate the total income, total expenses, and remaining balance for Maria's week.

Income:

Allowance: $10 Helping neighbor: $5 Selling old toys: $12

Expenses:

Snack: $3 New pencil case: $8 Donation: $2

Total Income:  

Total Expenses:  

Remaining Balance:  

1. If your expenses are higher than your income, you have a profit.

2. Saving money is a good way to plan for future expenses.